Gasoline and crude oil contracts were trading higher near midday Monday, while distillate futures were down.
The NYMEX March RBOB contract in late morning trading was up 3.363cts to $1.9897/gal, down from the morning high of $1.9913/gal. The April RBOB contract was 3cts higher at $2.1978/gal, trimming the contango between the two months
The gains in gasoline followed reports that several cargoes of motor fuel were on the way to Nigeria, where the 650,000 b/d Dangote refinery is completing maintenance. Reports last late last week suggested that the facility had wrapped up work and was ramping up to full capacity. According to Vortexa ship-tracking data, four cargoes of gasoline and gasoline blending components have landed in Nigeria since mid-January with two more on the way.
The March and April West Texas Intermediate contracts were both up by about $1, in early afternoon trading. The March WTI contract was $1.21 higher at $64.76/bbl and April contract was up $1.18 to $64.50/bbl. The April Brent contract was $1.22 higher at $69.27/bbl and May Brent was up $1.13 to $68.60 shortly before midday.
Distillate futures were struggling to get back into the black, even as continued cold weather across much of the U.S. was keeping demand elevated. ULSD inventories, however, have remained strong, despite the higher consumption. Sharp declines in natural gas futures are also likely keep a lid on ULSD contract. The March ULSD contract was off 0.35ct to $2.4098/gal after falling as low as $2.3677/gal earlier in the day.
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This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
Reporting by Denton Cinquegrana, dcinquegrana@opisnet.com ; Editing by Jeffrey Barber, jbarber@opisnet.com
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(END) Dow Jones Newswires
02-09-26 1252ET
